Numerous changes to strata title legislation came into effect on 11 December 2023. A recent report found that more than 25% of people may now reside in strata-titled properties such as units and townhouses. So, changes to strata law will affect more and more people into the future.
Some of the more important/more interesting changes include the following:
* Previously, a strata committee ( a group of owners that administer the day-to-day running of a strata scheme on behalf of all owners) could only be elected at an Annual General Meeting. Now,
one can also be elected at any other general meeting which overcomes the issue of a committee being voted out before the next AGM;
* Committee members must disclose any direct or indirect financial interest they have in a matter before the committee and cannot participate in or vote on that matter;
* It will be easier for residents to keep an animal as an owners corporation (the legal entity which comprises all the owners of the lots in a strata scheme) cannot charge a resident a fee or a bond
for a pet or require insurance for a pet kept on a lot;
* At least 14 days’ notice of an Annual General Meeting must be given by the owners corporation to the lot owners;
* Strata schemes must obtain at least two independent quotes for proposed expenditure over $30,000; and
* Strata schemes can raise funds quickly for emergency repairs by requiring lot owners to pay contributions for repairs after 14 days’ notice.
February 2024